BusinessCompany NewsLastminute FD to step down in 2005

Lastminute FD to step down in 2005

David Howell, the chief financial officer that led lastminute.com through its delisting from Nasdaq, is to step down from his post early next year.

Link: Regulatory costs force Lastminute.com to de-list

The news came today (Thursday) as the online travel company revealed its full yearm results showing profits before exceptional items of £4.6m but a pre tax loss of £77.2m.

Howell revealed in July this year that lastminute.com was to delist from Nasdaq because of the cost of meeting new regulatory demands brought about by the Sarbanes-Oxley Act.

He said new regulation alone was costing the company £1.5m and warned that many dual listed companies were considering wheher they should sever their ties with US markets.

Lastminute confirmed in its results that it had filed notice to terminate its registration in the US this week and that it did not expect to file results in the US for the year ending 30 September 2004.

The company also said a search was under way to find a new CFO.

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